Crane shares fall on first-quarter results

STAMFORD -- Shares of diversified manufacturer Crane Co. fell nearly 6 percent on Tuesday, a day after it reported first-quarter net income that missed analyst expectations, hurt by weak results in its engineered materials and merchandising systems divisions.

The company, founded in 1855, makes industrial products for a wide range of industries from aerospace to power generation and transportation.

After the market closed on Monday, Crane said net income for the three months ended March 31 rose nearly 7 percent to $51.7 million, or 88 cents per share, from $48.5 million, or 81 cents per share, last year.

That missed analyst expectations of 91 cents per share, according to Norwalk-based FactSet.

Revenue rose 8 percent to $657.9 million from $611 million last year. Analysts expected revenue of $647.4 million.